The Top 10 Best ECN Trading Platforms and Brokers revealed. We have rated and reviewed the Best Forex Brokers who offer CFD Trading.
This is a complete listing of The 10 Best Forex Brokers and ECN Trading Platforms. In this in-depth write-up you will learn:
- Who is the Best ECN Broker suited to Beginner Traders?
- Pros and Cons of Electronic Communications Networks (ECNs).
- ECN Trading and how it works.
- NDD Brokers and Liquidity Providers – Explained.
and much, much more!
ECN Brokers – A Definition
An ECN broker is a financial mediator that uses electronic communications networks (ECNs) in order to give traders direct access to other participants in equity and currency markets.
10 Best ECN Trading Platforms and Brokers – A Comparison
10 Best ECN Trading Platforms and Brokers (2022)
- FXTM – Overall, Best ECN Broker, and Trading Platform
- XM – Low Trading Fee ECN Broker
- IC Markets – Best Online Trading Experience
- RoboForex – Low Forex ECN Fees
- Exness – Top ECN Broker for Beginners
- InstaForex – Lowest Spread ECN Broker
- FXOpen – Best MT4 ECN Broker
- FPMarkets – Best All-Around ECN Broker
- EightCap – Ultra-low spreads across Crypto derivatives
- Pepperstone – Best for Scalping and EA ECN
FXTM
Overall, FXTM can be summarised as a credible and trusted broker that is very competitive in terms of its trading fees (against major currency pairs). The spread is also very low and is considered a low-risk trading environment. FXTM is considered safe because it is regulated by the top FCA.
FXTM Overview
| ? Broker | ? FXTM |
| ? Regulation | CySEC, FCA, FSC, FSCA |
| ☪️ Islamic Account | ☑️ Yes |
| ? Demo Account | ☑️ Yes |
| ? Institutional Accounts | No |
| ? Managed Accounts | No |
| ? Maximum Leverage | 1:2000 |
| ? Minimum Deposit | $10 / 160 ZAR |
| ? Open an Account | ? Click Here ? |
FXTM Pros and Cons
| ✔️ Pros | ❌ Cons |
| Thank you bonus for signing up | Unclear communication – appears to be a no deposit bonus |
XM
Overall, XM.com is considered a trustworthy broker with average risk with spreads as low as 0.6 pips and an above-average trust score of 84 out of 99. XM Group is not a publicly traded company but is authorized by two tier-1 regulators (high trust)
XM Overview
| ? Broker | ? XM.com |
| ? Regulation | FCA |
| ? Countries not accepted for trade | United States |
| ? Bonus | ✅ Yes |
| ? Demo Account | ✅ Yes |
| ? Fees | from $ 3.5 |
| ? Spreads from | 0.6 to 1.7 pips |
| ? Commission | No |
| ✴️ Institutional Accounts | No |
| ??? Managed Accounts | No |
| ⬆️ Maximum Leverage | 1:888 |
| ? Minimum Deposit | $5 USD |
| ? Open an Account | ? Click Here |
XM Pros and Cons
| ✔️ Pros | ❌ Cons |
| Access to a wide range of flexible funding methods | US clients are not accepted |
| Supports several trading strategies and styles with innovative technical indicators that can be used | Fixed spreads are not offered |
| Negative balance protection is provided | Inactivity fees are charged |
IC Markets
Overall, IC Markets is considered a low-risk and can be summarised as trustworthy and reliable. IC Markets is regulated by the top-tier ASIC and is very competitive in terms of its trading fees, (against major currency pairs), with spreads that are very low.
IC Markets Overview
| ? Broker | ? IC Markets |
| ? Regulation | ASIC |
| ☪️ Islamic account (swap-free) | ✔️ Yes |
| ? Demo Account | ✔️ Yes |
| ? Bonus | No Sign-up Bonus |
| ✴️ Institutional Accounts | ❌ No |
| ??? Managed Accounts | ❌ No |
| ? Maximum Leverage | 1:500 |
| ? Minimum Deposit | $200 USD |
| ? Open an Account | ? Click Here |
IC Markets Pros and Cons
| ✅ Pros | ❌ Cons |
| Low forex fees | Limited product selection |
| Fast account opening | Slow live chat support |
| Free deposit | No investor protection for non-EU clients |
RoboForex
Overall, RoboForex can be summarised as a credible and trustworthy broker with advanced trading tools for pro-traders. Roboforex offers 24/7 support with a trust score of 88 out of 99.
RoboForex Overview
| ? Broker | ? Roboforex |
| ⚖️ Regulating Authorities | IFSC |
| ? Countries not accepted for trade | US, Canada, Australia, and Japan |
| ☪️ Islamic account (swap-free) | ✔️ Yes |
| ? Demo Account | ✔️ Yes |
| ? Maximum Leverage | 1:2000 |
| ? Minimum Deposit | $10 USD / R160 ZAR |
| ? Platform Types | MT4, MT5, cTrader |
| ? Open an Account | ? Click Here |
RoboForex Pros and Cons
| ✔️ Pros | ❌ Cons |
| Tight spreads from 0 pips | Not FCA Regulated |
| Fast order execution | No fixed spread accounts |
| 5 account currencies (EUR, USD, CNY, RUB, GOLD) | Don’t accept clients from US, Canada, Australia or Japan |
| Micro accounts with the minimum lot size of 0.01 |
|
| 8 asset classes |
Exness
Overall, Exness is regulated by two tier-1 regulators, two tier-2 regulators, and four tier-3 regulators respectively. It has a high trust score of 97 out of 100 and is considered low-risk. Exness offers 4 retail trading accounts.
Exness Overview
| ? Broker | ? Exness |
| ? Regulation | Multiple |
| ? Trading Desk | Market Maker, NDD |
| ? Sign Up Bonus | None |
| ➖ Min. Deposit from | $10 USD |
| ? Spreads from | 0.1 Pips |
| ➕ Max Leverage | 1:2000 |
| ? Commission | Yes |
| ? Inactivity Fee | No |
| ? Open an Account | ? Click Here |
Exness Pros and Cons
| ✔️ Pros | ❌ Cons |
| 24/7 Customer Support | Limited Trading Instruments |
| Instant Deposit | Withdrawal Fees |
| Huge Leverage | ETF CFD trading is not available. |
InstaForex
Overall, InstaForex is considered a low-risk and can be summarized as trustworthy and reliable. InstaForex is regulated by the top-tier CySEC and FSC.
InstaForex
| ? Broker | ? InstaForex |
| ? Regulation | CySEC, BVI, SVGFSA |
| ? Countries not accepted for trade | United States |
| ☪️ Islamic account | ☑️ Yes |
| ? Demo Account | ✅ Yes |
| ? Institutional Accounts | No |
| ? Managed Accounts | ☑️ Yes |
| ? Maximum Leverage | 1:1000 |
| ? Minimum Deposit | $1 USD |
| ? Open an Account | ? Click Here |
InstaForex Pros and Cons
| ✅ Pros | ❌ Cons |
| High Leverage | Restricted leverage for EU clients |
| Intuitive trading platforms | No Autochartist |
| Commission free accounts | Certain clients not accepted |
FXOpen
Overall, FXOpen was the first broker to offer ECN and STP trading via MetaTrader 4 (MT4), an award-winning platform that boasts instant trade execution at competitive prices.
FXOpen Overview
| ? Broker | ? FXOpen |
| ? Regulation | FCA, ASIC |
| ? Countries not accepted for trade | United Stated |
| ☪️ Islamic account (swap-free) | ☑️ Yes |
| ? Demo Account | ✅ Yes |
| ? Institutional Accounts | ☑️ Yes |
| ? Managed Accounts | ✅ Yes |
| ? Maximum Leverage | 1:500 |
| ? Minimum Deposit | $1 USD |
| ? Open a account | ? Click Here |
FXOpen Pros and Cons
| ✔️ Pros | ❌ Cons |
| Tight spreads and low commissions | High fees |
| Deposits with cryptocurrencies | No US clients |
| One click trading and Level2 Plugin | Restricted leverage |
| Multiple cryptos | Limited educational material |
| Electronic communication network | No fixes spread accounts |
FP Markets
Overall, FP Markets is considered a low-risk and can be summarized as trustworthy and reliable. FP Markets is fully licensed and regulated by the Securities Commission of the Bahamas (SCB). FP Markets is currently ranked #13 out of 992.
FP Markets Overview
| ? Broker | ? FP Markets |
| ? Regulation | CySEC, ASIC |
| ☪️ Islamic account | ✅ Yes |
| ? Demo Account | ✅ Yes |
| ? Institutional Accounts | No |
| ? Managed Accounts | No |
| ? Maximum Leverage | 1:400 |
| ? Minimum Deposit | $100 USD |
| Open an Account | ? Click Here |
FP Markets Pros and Cons
| ✅ Pros | ❌ Cons |
| Forex fees are low | Stock CFD fees are high |
| Accounts can be opened fast and easy | Product portfolio are somewhat limited |
| Deposit and withdrawal processes are quickly executed | Web and desktop platform is somewhat outdated |
EightCap
Overall, EightCap can be summarised as a trustworthy, award-winning broker with an established and reputable reputation. EightCap provides personalized service, automated trading, exclusive education, popular trading platforms, and unique trading tools to a global market.
EightCap Overview
| ? Broker | ? EightCap |
| ? Regulation | ASIC, SCB |
| ? Min Deposit | $100 USD / R1600 ZAR |
| ➕ Max Leverage | 1:30 (ASIC) / 1:500 (SCB) |
| ? Trading Desk Type | Market Maker / Dealing Desk |
| ?️ Trading platforms | MetaTrader4 / MetaTrader5 |
| ☪️ Islamic Account | ❌ No |
| ? Demo Account | ☑️ Yes |
| ? Open an Account | ? Click Here |
EightCap Pros and Cons
| ✔️ Pros | ❌ Cons |
| Low Forex Fees | Slim Product Selection |
| Quick Account Application | Limited Research |
| Free Deposit and Withdrawal | Lack of Investor Protections |
Pepperstone
Overall, Pepperstone can be summarised as a credible and trustworthy broker. Pepperstone is considered low-risk to medium-risk. Pepperstone offers competitive trading fees and pip spreads which gives it an overall trust score of 92 out of 99.
Pepperstone Overview
| ? Broker | ? Pepperstone |
| ? Regulation | FCA, ASIC and AFSL |
| ?AFSL No | 414530 |
| ?FCA no | 684312 |
| ? Demo Account | ☑️ Yes |
| ? Minimum Deposit | $10 USD |
| ? Bonus | No |
| ☪️ Islamic account | ✅ Yes |
| ? Institutional Accounts | ☑️ Yes |
| ? Managed Accounts | ✅ Yes |
| ? Maximum Leverage | 1:200 |
| ? Open an Account | ? Click Here |
Pepperstone Pros and Cons
| ✔️ Pros | ❌ Cons |
| Account opening is fast and fully digital | Only Forex, CFDs, and crypto |
| Majority clients belong to a top-tier authority | High bank withdrawal fee outside EU/Australia |
| Low Forex and equity index CFD fees | High financing rate for CFDs |
| Low non-trading fees | Basic news flow, no fundamental data |
| No deposit fee | Does not hold a banking license |
| Great customer service | Not listed on the stock exchange |
| Seamless and free deposit and withdrawal | Financial information not publicly available |
Conclusion
? Now it is your turn to participate:
➡️ Which ECN Broker and Trading Platform from this list do you intend to test out?
➡️ What was the determining factor in your decision to engage with a certain broker?
➡️ Was it because of the ECN Broker Overview or the Pros and Cons?
? Regardless, please share your thoughts in the comments below.
You might also like: FXTM Review
You might also like: XM Review
You might also like: IC Markets Review
You might also like: RoboForex Review
You might also like: Exness Review
Frequently Asked Questions
What is an ECN Broker?
An ECN broker is a financial mediator that uses electronic communications networks (ECNs) in order to give traders direct access to other participants in equity and currency markets.
Is an ECN Broker a Market Maker?
No, an ECN Broker is not a Market Maker.
Is an ECN Broker a No Dealing Desk Broker?
Yes, an ECN Broker is a No Dealing Desk Broker.
What is an NDD?
A No Dealing Desk Broker electronically matches trading participants and passes trade orders via the ECN.
What are the benefits of trading with an ECN Broker?
Benefits of trading with an ECN Broker include Instant Order Processing and Dynamic Spreads.
Featured SA Shares Writer and Forex Analyst.
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